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HomeMy WebLinkAbout1045 ~}~e Mortgaged Property in such a way as to violate a~y governmen~al law, ordin- :::~ce, rule, r~ ~ulation or requirement, or if Mortgagor's use of the Mortgaged t~roperty violates any enforceable restrictive covenant upon the use of the >tortgaged Property, or if any certificate, statement, warranty ox audit repre- sentation heretofore or hereafter furnished by or on behalf of the Mortgagor ~ursuant to or in connection with this Mortgage (includi~g, without li~itation, representation and warranties contained herein) prvves to have been materially false or to have omitted any substantia2 contingent or unliquidated liability or claim against Mortgagor, or if there exists any present imposition of a lien upon the Mortqaged Property not approved by Mortgagee, or if Mortga or shall breach an covenant contained irt the Commitment letter dated for 9~~ the loan secured by this Mortgage, or if Mor~gagor or any guar~t~ o~ the o~liqations of Mortgagor shall sell out of the ordinary course of business all, or substantially all of its assets , and ~n either or in any of such events, without notice or demand, the said aggregate ~um mentioned in said Promissory Note, less previous payments, if any, a~d any and all swns mentioned herein or secured hereby shall become due a~d payable forthwith or thereafter at the ~ontinuing option of the Mortgagee as fully and com~letely as if said aggregate sums were originally stipulated to be paid at s~ch time, anything in said Promissory Note or herein to the contrary notwith- standing, and the Mortgagee shall be entitled thereupon or thereafter without notice or demand to institute suit at law or in equity to enforce the rights of the Mortgagee hereunder or under said Promissory Note. In the event of any default or breach on the part of the Mortgagor hereunder or under said Promissory i~ote, the Mortqaqee shall have the continuing option to enforce payment of all- sums secured hereby by action at law or by suit in equity to foreclose this r•tortgage, either or both, concurrently or otherwise, and one action or suit shall not abate or be a bar to or waiver of the Mortgaqee's right to institute or maintain the other, provided said Mortgagee sha~l have only one payment and satisfaction of said indebtedness. 23. That in the event that Mortqagor shall (1) consent to the appoint- R~ent of a receiver, trustee or liquidator of all or a substantial part of Mort- ~aqor's assets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in banks'uptcy, or admit in writing its inability to pay its debts as they become due, or (3) make a general assignment for the benefit of creditors, or (4) file a petition or answer seeking reorganization or arranqe- ment with creditors, or to take advantage of any insolvency law, or (5) file an answer admitting the material allegations of a petition filed against the Martqagor in any bankruptcy, reorganization or insolvency proceeding, or (6) action shall be taken by the Mortqagor for the purpose of effecting any of the faregoinq, or any order, judgment or decree shall be entered upon an appli- cation of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment of a receiver or Lrustee of all or a substantial part of the Mortgagor's assets and such order, judgment or decree shall continue unstayed and in effect for any period of thirty (30) consective days, the ~'~ortqagee may declare the note hereby secured forthwith due and payable, where- upon the principal of and the interest accured on the note and all other sums h~reby secured shall become forthwith due and payable as if all of the said sums of money were oriqina2ly stipulated to be paid on such day; and thereupon cne Mortqagee without notice or demand may grosecute a euit at law and/or in equity as if all moneys secured hereby had matured prior to its institution. 24. If foreclosure proceedings should be instituted against the property covered by this Mortqage upon any other lien or claim whether alleged to be superior or junior to the lien of this Mortqage,or if any federal tax lien or claim or lien for labor or materials be filed of record against Mort- qagor or the Mortgaged Property and not be removed by payment or bond within thirty (30) days from such filing, the Mortgagee may at is option declare this Martgage and the indebtedness secured hereby due and payable forthwith and may at its option proceed to foreclose this [lortgage. 25. It is further covenanted and agreed by said parties that in the event of a suit being instituted to forclose this Mortgage,the Mortgagee shall ~e entitled to apply at any time pending such foreclosure suit to the court having jurisdicition thereof for the appointment of a receiver of all and singular the ~~ortqaged Property, and of all rents, incomes, profits, issues and revenues thereof, from whatsoever source derived; and thereupon it is hereby expressly covenanted and agr~ed that the court shall forthwith appoint such receiver with the usual powers and duties of receivers in like cases, and said appointment shall be made by the ccurt as a matter of strict right to the Mortgagee, and without reference to the adequacy c,r inadequacy of the value of the property hereby mortagaged, or to the solver?cy or insolvency of the Mortgagors or any other ~arty defendant to such suit. The Mortgagor hereby specifically waives the right ~ ' - ~ooK 219 PAGf ~045 QREENE ANO lA?HE PA,AT~..tiNE~S ~wyy 3p0 N E~H•^ SiqEET MIAMI f~OW~un 3~~D2 a--, , z . . . ~ ~ - _ . . . . -